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New Zealand: Financial Sector Assessment Program: Technical Note-Regulation and Oversight of Financial Market Infrastructures

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  • International Monetary Fund

Abstract

This Technical Note assesses regulation and oversight of financial market infrastructures (FMIs) in New Zealand. The regulatory and oversight framework for FMIs in New Zealand is undergoing a major reform. The Reserve Bank of New Zealand and the Financial Markets Authority (FMA) currently lack sufficient legal powers to identify and address risks building up in FMIs, partly because the regime is voluntary and the authorities do not have the appropriate toolkit to pursue their oversight objectives. It is recommended that supervisory practices be formalized and staff resources increased. The role of the FMA should be further clarified.

Suggested Citation

  • International Monetary Fund, 2017. "New Zealand: Financial Sector Assessment Program: Technical Note-Regulation and Oversight of Financial Market Infrastructures," IMF Staff Country Reports 2017/115, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2017/115
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    Cited by:

    1. Charles Lilly, 2018. "Outcomes from the 2017 stress test of major banks," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 81, pages 1-18, July.

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